The Magna International Inc., sign is shown at the company's annual general meeting to begin in Toronto on Friday, May 10, 2013. Magna International Inc. has signed a deal to sell its fluid pressure and controls business to Hanon Systems, a South Korea-based company, for roughly $1.23 billion. THE CANADIAN PRESS/Nathan Denette
The Magna International Inc., sign is shown at the company's annual general meeting to begin in Toronto on Friday, May 10, 2013. Magna International Inc. has signed a deal to sell its fluid pressure and controls business to Hanon Systems, a South Korea-based company, for roughly $1.23 billion. THE CANADIAN PRESS/Nathan Denette
NSD/GACAURORA, ONTARIO - Magna International Inc. says its second quarter profit rose from last year and it revised slightly up its outlook for the year, despite tariff costs and lower industry-wide vehicle production in North America and Europe.
The automotive manufacturer says its net income for the three months ending June 30 was US$379 million, or $1.35 per diluted share, up from US$313 million or $1.09 per share in the same quarter last year.
Earnings worked out to $1.44 per adjusted diluted share, up from $1.35 per share in the same quarter last year.
The mean analyst estimate had been for earnings of $1.14 per share, according to LSEG Data & Analytics.
Chief executive Swamy Kotagiri says the company's results exceeded expectations and reflect ongoing performance initiatives, offsetting industry headwinds including soft volumes in some regions and continued trade policy uncertainty.
Magna says sales totalled US$10.63 billion in the quarter, down from US$10.96 billion in the same quarter last year, as light vehicle production was down six per cent in North America and two per cent in Europe and the company ended production of some programs.
The company's revised outlook for the year shows a dip in overall North American vehicle production but increased output in China, while it boosted its sales outlook by US$400 million to upwards of US$42 billion.
This report by °µÍø½ûÇø was first published Aug. 1, 2025.
Companies in this story: (TSX:MG)
°µÍø½ûÇø. All rights reserved.
Dru Brown threw for 275 yards and two touchdowns as the Ottawa Redblacks snapped a…
Canada has been hit with 35 per cent tariffs after U.S. President Donald Trump fol…
Sorry, an error occurred.
Already Subscribed!
Cancel anytime
Thank you .
Your account has been registered, and you are now logged in.
Check your email for details.
Submitting this form below will send a message to your email with a link to change your password.
An email message containing instructions on how to reset your password has been sent to the email address listed on your account.
No promotional rates found.
Secure & Encrypted
Thank you.
Your gift purchase was successful! Your purchase was successful, and you are now logged in.
| Rate: | |
| Begins: | |
| Transaction ID: |
A receipt was sent to your email.
